The department store chain, which has been struggling to boost store traffic as consumers opt for online shopping, has closed more than 100 stores since 2015 and cut thousands of jobs.“We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams,” Chief Executive Officer Jeff Gennette said.
The to-be-closed 125 stores currently account for about $1.4 billion in annual sales, the company said. It also said it expects annual gross cost savings of $1.5 billion by 2022, with $600 million expected in 2020. It forecast full-year net sales to be between $23.6 billion and $23.9 billion, below analysts’ average estimate of $24.36 billion, according to IBES data from Refinitiv.
globebusiness The universe is unfolding as it should. The new age Roman empire is unfolding along the same pattern. The big question is; will this version of Roman empire self destroy only domestically or will it take the whole world down that abyss of theirs, with them? We can start anew
globebusiness On-line shopping
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